Africa & Indian Ocean · ZA
South Africa
The FSCA licenses financial services providers — including crypto-asset service providers and over-the-counter derivative providers — while gambling is regulated nationally and provincially.
At a glance
- Status
- Sovereign state
- Region
- Africa & Indian Ocean
- Regulated sectors
- GamingCryptoInvestment
- Authorities
- FSCA · Prudential Authority · National Gambling Board and provincial gambling boards · FIC
- Licensing routes
- 3
Overview
The framework
The Financial Sector Conduct Authority (FSCA) licenses financial services providers under the FAIS Act. Crypto assets were declared a financial product in 2022, bringing crypto-asset service providers within FSP licensing, and over-the-counter derivative providers require a separate authorisation.
Gambling is regulated under national legislation and by provincial gambling boards. Online sports betting is licensed at provincial level; the position of online casino gaming should be confirmed against current legislation.
Authorities
Who regulates what
- Financial Sector Conduct Authority (FSCA)
- Licensing and conduct supervision of financial services providers.
- Prudential Authority
- Prudential supervision of banks and insurers, within the South African Reserve Bank.
- National Gambling Board and provincial gambling boards
- Gambling regulation and licensing.
- Financial Intelligence Centre (FIC)
- AML/CFT supervision and reporting.
Regimes
Licensing routes
FSP licence (FAIS)
Licensing of financial services providers, including crypto-asset service providers.
Sectors: Investment · Crypto
ODP authorisation
Authorisation of over-the-counter derivative providers, such as CFD brokers.
Sectors: Investment
Provincial betting licences
Bookmaker licences issued by provincial gambling boards, including for online betting.
Sectors: Gaming
Applications and regulator engagement for these routes are handled by our Regulatory & Licensing practice.
Considerations
What to weigh up
- Exchange control rules apply to cross-border flows.
- Key individuals must meet fit and proper requirements.
This overview is general information, summarised at a high level. Requirements change and depend on the specific activity; seek advice on your circumstances before acting.
Industries
Relevant industries
Across jurisdictions
Cross-jurisdiction capabilities
Services we support across the jurisdictions in our directory, described once on their own pages. How each is delivered depends on the local requirements that apply; where local qualification is required, we coordinate locally qualified counsel.
- Privacy & Data ProtectionPrivacy compliance and GDPR programmes, notices and DPAs, DPIAs, data mapping and ROPA, transfers, audits and breach response.
- AML & Financial Crime ComplianceAML/CFT programmes, MLRO-as-a-Service, independent AML/CFT audits, risk assessments, monitoring, sanctions and inspection support.
- IP Registration & ProtectionTrademark and patent registration and protection, copyright protection, domain name disputes, portfolio support and IP agreements.
- Legal OpinionsRegulatory, business model, perimeter, payment, gaming, crypto-asset and cross-border opinions for banks, partners and investors.
- Bank Account OpeningSupport with corporate and operational accounts at banks and EMIs, prepared for how their compliance teams assess high-risk businesses.
- Merchant Account / Acquiring SetupSupport with merchant account applications and acquiring setup at acquirers and PSPs, including for high-risk merchant categories.
Support
How we support businesses in South Africa
- Regulatory & Licensing01Strategy, applications and regulator engagement for the gaming, crypto and investment routes listed above.
- Corporate Structuring02Group architecture, incorporation, substance and governance built around your licences, banking and investors.
- Market Entry & Regulatory Strategy10Market prioritisation, regulatory roadmaps and launch readiness for businesses expanding into new jurisdictions.
Discuss your matter with a senior advisor.
Share a few details about your business and plans. We will come back to arrange a confidential initial conversation.